Spencer Bogart believes that cryptocurrencies are being institutionalized. “Every major bank is trying to do something in the space,” said Bogart to CNBC’s Fast Money. “Either they’re going to be offering Bitcoin to their clients, they’re working on a custody platform or they’re opening up a trading desk. A deeper institutionalization of Bitcoin is overall positive.”
Bitcoin has however experienced a significant decline of over 50 percent of its value since January 2018. The cryptocurrency’s falling prices have become a bit of a disappointment to many Bitcoin investors since it surged to almost $20,000 last year in December 2017. The coin even dropped below $8,000 on Thursday most likely due to increasing regulations in the cryptocurrency sector. Today, on May 28, 2018, it currently sits at $7,320.38.
Despite Bitcoin’s fall in prices, Bogart, however, believes that it’s still a worthy investment. He even mentioned that it’s the only cryptocurrency traders should buy as it gains greater public adoption and becomes mainstream.
Regarding other cryptocurrency tokens, Bogart mentioned that they are “over-promising and under-delivering. Meanwhile, you have a few that are kind of excelling at their use cases. Bitcoin being one of them.”
Bogart recommends selling altcoins
While Bogart is highly bullish with Bitcoin, he’s however bearish when it comes to many altcoins. He recommends selling Cardano, TRON, NEO, and IOTA. “A lot of those tokens are overvalued,” said Bogart. “They could go up significantly, but they also have significant headwind.”
Bogart is quite neutral with Ethereum, Ripple, EOS, and Bitcoin Cash. He suggested investors to hold onto the tokens for now. He’s however very cautious when it came to Ethereum due to the high number of ICOs that use the Ethereum blockchain. His concern is derived from the fact that ICOs may not work and if they fail to do so, it could be detrimental for Ethereum.
Despite Bitcoin’s declining value, Bogart believes that Bitcoin should hit “at least” $10,000 as 2018 draws to an end.
Bitcoin may fall below $6,000 in the short-term
Well known, respected cryptocurrency investor and analyst Willy Woo, recently tweeted that Bitcoin may fall below $6,000 in the short-term. “I think we are gonna go to $550-5700 next, I can’t see $7000 holding. Most likely we’ll balance a bit, then we’ll slide through. Long timeframes here, looking into June for rough timing of this to play out at a best guess.”
I think we are gonna go to $5500-5700 next, I can't see $7000 holding. Most likely we'll balance a bit, then we'll slide through. Long timeframes here, looking into June for rough timing of this to play out at a best guess. /1 pic.twitter.com/pCN0N97vp6
— Willy "not giving away ETH/BTC" Woo (@woonomic) May 26, 2018
While things appear grim for Bitcoin and the cryptocurrency market in the short-term, others believe that Bitcoin will increase its value in the mid to long term.
Technology expert John McAfee tweeted on May 24, 2018, that Bitcoin will surpass $15,000 in June according to his algorithms and the state of international politics. While it’s uncertain what Bitcoin’s value will be in the long term, the cryptocurrency market appears to be in a bearish cycle.